Oswal Group

Ludhiana, India Founded: 2003 • Age: 23 yrs Listed
Garments are manufactured on a contract basis in Ludhiana, India.
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About Oswal Group

Oswal Group is a publicly listed company based in Ludhiana (India) founded in 2003. Garments are manufactured on a contract basis in Ludhiana, India. Oswal Group has raised $5.77 million across 3 funding rounds. The company has 639 employees. Its Indian entity Vardhman Polytex Ltd reported revenue of ₹246 Cr. Oswal Group offers products and services including Textile Manufacturing, Real Estate Development, and Apparel Retail. Its focus areas include Retail, Contract Manufacturers, Fashion and Garments. Its competitors include Gokaldas Exports, Eastman Exports and Shahi; 2 of its 3 listed competitors have raised funding.

Company details

The Oswal Group was founded in 2003 and is located in Ludhiana, India. Contract-based manufacturing of garments is handled within the apparel sector. Operations involve production for client specifications, including fabric processing and assembly. Services are provided to domestic and international partners, with emphasis on standard garment lines. The company operates from its base in northern India, supporting supply chain needs in the textile industry.

  • Headquarters Ludhiana, India
  • Employees 639
  • Stage Public
  • Sectors
    Industrial Goods & Manufacturing
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website oswalgroup.com
  • Social LinkedIn Facebook
  • Legal Name Vardhman Polytex Ltd
Operational Areas
Industrial Goods & Manufacturing → Contract & Outsourced Manufacturing
Key Metrics
  • Market Cap
    ₹256 Cr

    VARDMNPOLY · NSE

  • Share Price
    ₹5.03

    -0.20% today

  • Revenue
    ₹930 Cr

    FY 2021-22 · +82.3% YoY

  • EBITDA
    ₹59.29 Cr

    Margin 6.4%

  • Net Profit
    −₹15.84 Cr

    FY 2021-22 · +72.0% YoY

  • Total Equity Funding
    $5.77M (USD)

    in 3 rounds

  • Latest Funding Round
    $2.4M (USD), Series A

    Mar 2014

  • Employee Count
    639

Products & Services of Oswal Group

Oswal Group offers a comprehensive portfolio of products and services, including Textile Manufacturing, Real Estate Development, and Apparel Retail.

Textile Manufacturing
Manufacturing

Produces woollen and worsted textiles for various industries.

Real Estate Development
Construction

Builds residential and commercial properties for communities.

Apparel Retail
Retail

Offers curated clothing and lifestyle products to customers.

Funding Insights of Oswal Group

Oswal Group has successfully raised a total of $5.77M across 3 strategic funding rounds. The most recent funding activity was a Series A round of $2.4 million completed in March 2014. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.

  • Total Funding $5.77M
  • Total Rounds 3
  • Last Round Series A — $2.4M
  • First Round $213,292

    (Mar 2007)

All 3 funding rounds of Oswal Group with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Mar 2014$2.4MSeries A––
–
Mar 2008$3.15MSeed––
–
Mar 2007$213,292Seed––
–

Board of directors of Vardhman Polytex Ltd (Oswal Group)

Vardhman Polytex Ltd is the primary company behind Oswal Group. The board of Vardhman Polytex Ltd currently have 6 directors; the longest-serving is Adish Oswal, appointed in 2009. 24 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Adish Oswal
DIN 00009710
Managing Director01 Aug 200917 yrs 3 moVardhman Polytex Ltd
Manju Oswal
DIN 00009449
Director12 Aug 20179 yrs 3 moVardhman Polytex Ltd
Suresh Kumar Banka
DIN 08847246
Director01 Sep 20206 yrs 2 moVardhman Polytex Ltd
Sanchi Taneja
DIN 08857114
Director18 Jul 20233 yrs 3 moVardhman Polytex Ltd
Rohit Jain
DIN 07950251
Director28 Mar 20242 yrs 7 moVardhman Polytex Ltd
Shubham Jain
DIN 11397574
Additional Director03 Dec 202511 moVardhman Polytex Ltd

IPO & Listings of Oswal Group

Oswal Group is a publicly listed company on the NSE with ticker symbol VARDMNPOLY in India, operating in the Process industries sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date03 Jan 1992
  • Listed onBSE: 514175
  • Listed entityVardhman Polytex Ltd
  • Exchange sectorProcess industries
  • ISININE835A01029
  • Share price₹5.25 (+2.54% on the day) · 2026-10-14
  • Market capitalisation₹249 Cr
  • Price to earnings0.8
  • EPS (diluted, trailing year)₹6.60
  • Volume (last session)148,328

Financials of Oswal Group

Exchange-reported figures of Vardhman Polytex Ltd, the listed company behind Oswal Group (NSE: VARDMNPOLY).

Financial Highlights

FY 2021-22 · Consolidated
Revenue
₹930 Cr
+82.3% YoY
EBITDA
₹59.29 Cr
+308.3% YoY
Profit After Tax
−₹15.84 Cr
+72.0% YoY
Net Worth
−₹364 Cr
-4.3% YoY
Total Assets
₹168 Cr
-5.3% YoY
Total Debt
₹529 Cr
+1.1% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2021-22FY 2020-21FY 2019-20FY 2018-19FY 2017-18FY 2016-17FY 2015-16
Income statement
Revenue930510561811642927954
Revenue growth+82.3%-9.1%-30.8%+26.4%-30.8%-2.8%-
EBITDA59.2914.52(0.28)1.23(62.71)61.1061.72
EBITDA margin+6.4%+2.9%-0.1%+0.2%-9.8%+6.6%+6.5%
Profit before tax(15.49)(56.69)102(73.97)(172)(33.44)(15.01)
Net profit(15.84)(56.65)(72.24)(73.34)(170)(33.08)(23.70)
Net profit margin-1.7%-11.1%-12.9%-9.0%-26.5%-3.6%-2.5%
EPS (₹)(6.96)(25.43)45.680.000.000.00(6.72)
Balance sheet
Total assets16817720154.81349471521
Net worth(364)(348)(291)(392)(223)(51.25)(17.39)
Total debt529523490446569518534
Cash & bank0.150.090.140.273.899.099.29
Net working capital(62.30)(75.54)(60.03)(215)(55.99)38.6478.61
Cash flow
Cash from operations61.3424.0313.4513450.8691.76109
Cash from investing(0.52)(1.22)0.37114(5.20)(23.66)(7.14)
Cash from financing(60.76)(22.86)(13.94)(251)(50.86)(68.31)(103)
ParticularsMar 2022Dec 2021Sep 2021Jun 2021Mar 2021Dec 2020Sep 2020Jun 2020
Revenue27824421519219415112142.79
Revenue growth (YoY)+43.4%+61.5%+78.3%+347.7%+43.1%---
Other income0.610.781.140.600.640.660.650.66
EBITDA13.2312.0116.3117.6917.81(0.23)(0.06)(3.14)
EBITDA margin+4.8%+4.9%+7.6%+9.2%+9.2%-0.2%-0.0%-7.3%
Depreciation3.253.443.513.523.583.503.883.70
Interest17.3615.8215.7615.2116.0511.0616.5415.35
Profit before tax(6.77)(6.47)(1.82)(0.44)(1.18)(14.13)(19.83)(21.53)
Tax0.000.000.000.000.000.000.010.00
Net profit(6.77)(6.47)(1.82)(0.44)(1.18)(14.13)(19.84)(21.53)
EPS (₹)0.00(2.90)(0.82)(0.20)(0.53)(6.34)(8.90)(9.66)
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue237285371619930510561
Revenue growth-16.9%-23.1%-40.1%-33.4%+82.4%-9.1%-
EBITDA14.2211.92(41.89)(36.26)59.2114.39(0.41)
EBITDA margin+6.0%+4.2%-11.3%-5.9%+6.4%+2.8%-0.1%
Profit before tax7.6814.93(26.76)1.49(15.55)(56.70)102
Net profit1.450.08(43.64)(95.62)(15.89)(56.69)(72.52)
Net profit margin+0.6%+0.0%-11.8%-15.5%-1.7%-11.1%-12.9%
EPS (₹)0.160.33(9.81)0.67(6.98)(25.43)45.66
Balance sheet
Total assets17514851.8087.83168178202
Net worth(197)(227)(361)(362)(364)(348)(291)
Total debt55.1249.6576.19447529523490
Cash & bank0.280.441.110.440.150.090.14
Net working capital21.91(34.73)(140)(135)(62.30)(75.23)(59.68)
Cash flow
Cash from operations(30.34)(98.28)(13.78)40.3061.4624.0313.45
Cash from investing20.1930.6426.29(0.65)(0.65)(1.22)0.37
Cash from financing10.0066.96(11.83)(39.36)(60.76)(22.86)(13.95)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue60.7564.8550.6061.7259.5481.2075.3564.40
Revenue growth (YoY)+2.0%-20.1%-32.9%-4.2%-7.0%---
Other income3181.472.241.723.748.533.169.36
Total expenses62.0563.1750.4950.9657.8783.1648.6768.20
EBITDA(1.30)1.680.1110.761.67(1.96)26.68(3.80)
EBITDA margin-2.1%+2.6%+0.2%+17.4%+2.8%-2.4%+35.4%-5.9%
Depreciation1.721.701.751.751.522.132.202.33
Interest3.520.570.454.273.693.453.592.60
Profit before tax3110.880.156.460.200.9924.050.63
Tax0.000.000.000.000.000.000.000.00

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 13 Nov 2026
ParticularsMar 2022Dec 2021Sep 2021Jun 2021Mar 2021Dec 2020Sep 2020Jun 2020
Revenue27824421519219415112142.79
Revenue growth (YoY)+43.4%+61.5%+78.3%+347.7%+43.1%---
Other income0.610.781.140.600.640.660.650.66
EBITDA13.2312.0116.3117.6917.81(0.23)(0.06)(3.14)
EBITDA margin+4.8%+4.9%+7.6%+9.2%+9.2%-0.2%-0.0%-7.3%
Depreciation3.253.443.513.523.583.503.883.70
Interest17.3615.8215.7615.2116.0511.0616.5415.35
Profit before tax(6.77)(6.47)(1.82)(0.44)(1.18)(14.13)(19.83)(21.53)
Tax0.000.000.000.000.000.000.010.00
Net profit(6.77)(6.47)(1.82)(0.44)(1.18)(14.13)(19.84)(21.53)
EPS (₹)0.00(2.90)(0.82)(0.20)(0.53)(6.34)(8.90)(9.66)
ParticularsFY 2021-22FY 2020-21FY 2019-20FY 2018-19FY 2017-18FY 2016-17FY 2015-16
Revenue930510561811642927954
Revenue growth+82.3%-9.1%-30.8%+26.4%-30.8%-2.8%-
Other income3.132.601782.975.4612.7051.92
Total expenses870495561810705866892
Employee cost57.2138.7645.2057.0763.8672.5872.53
EBITDA59.2914.52(0.28)1.23(62.71)61.1061.72
EBITDA margin+6.4%+2.9%-0.1%+0.2%-9.8%+6.6%+6.5%
Depreciation13.7114.6515.7118.3829.9130.4838.26
Interest64.2059.1659.7159.7984.5076.7690.39
Profit before tax(15.49)(56.69)102(73.97)(172)(33.44)(15.01)
Tax0.010.020.010.010.010.010.01
Net profit(15.84)(56.65)(72.24)(73.34)(170)(33.08)(23.70)
Net profit margin-1.7%-11.1%-12.9%-9.0%-26.5%-3.6%-2.5%
EPS (₹)(6.96)(25.43)45.680.000.000.00(6.72)
ParticularsFY 2021-22FY 2020-21FY 2019-20FY 2018-19FY 2017-18FY 2016-17FY 2015-16
Equity & liabilities
Share capital22.2922.2922.2922.3334.5334.5322.33
Reserves & surplus(386)(371)(313)(414)(258)(85.78)(51.93)
Shareholders' funds (net worth)(364)(348)(291)(392)(223)(51.25)(17.39)
Minority interest0.000.000.000.000.000.000.00
Secured loans523518484442566516522
Unsecured loans5.595.595.844.542.252.2511.76
Total debt529523490446569518534
Total liabilities16817720154.81349471521
Assets
Gross block588600600616857854829
Net block170183196211340363368
Capital work in progress0.000.000.000.003.116.676.64
Investments0.010.010.010.010.010.060.19
Inventories43.7518.9220.7720.6144.4688.3485.97
Sundry debtors10.808.305.708.5528.4185.8390.89
Cash & bank balances0.150.090.140.273.899.099.29
Loans & advances41.2525.4924.6224.9930.7439.9146.62
Total current assets95.9552.8051.2354.42108223233
Total current liabilities158128111269163185154
Net working capital(62.30)(75.54)(60.03)(215)(55.99)38.6478.61
Total assets16817720154.81349471521
ParticularsFY 2021-22FY 2020-21FY 2019-20FY 2018-19FY 2017-18FY 2016-17FY 2015-16
Opening cash0.090.140.273.899.099.2910.41
Net cash from operating activities61.3424.0313.4513450.8691.76109
Net cash from investing activities(0.52)(1.22)0.37114(5.20)(23.66)(7.14)
Net cash from financing activities(60.76)(22.86)(13.94)(251)(50.86)(68.31)(103)
Net change in cash0.06(0.05)(0.13)(3.62)(5.19)(0.21)(1.12)
Closing cash0.150.090.140.273.899.099.29
ParticularsFY 2021-22FY 2020-21FY 2019-20FY 2018-19FY 2017-18FY 2016-17FY 2015-16
Growth
Sales growth+82.3%-9.1%-30.8%+26.4%-30.8%-2.8%-
EBITDA growth+308.3%+5285.7%-122.8%+102.0%-202.6%-1.0%-
PBT growth+72.7%-+9998.0%+56.9%-413.3%-122.8%+79.8%
Net income growth+72.0%+21.6%+1.5%+56.8%-413.3%-39.6%-
Revenue CAGR (3Y)+4.7%-7.4%-15.4%-5.3%-14.4%-4.2%+0.4%
EBITDA CAGR (3Y)+263.9%---72.9%--16.2%-15.3%
Profitability & leverage
Net income margin-1.7%-11.1%+18.2%-9.1%-26.8%-3.6%-1.6%
Return on capital employed0.0%0.0%-3.4%0.0%0.0%0.0%0.0%
Return on net worth0.0%0.0%+74.4%0.0%0.0%0.0%0.0%
Debt / equity0.000.000.000.000.000.00101.26
Long-term debt / equity0.000.000.000.000.000.0063.59
Interest cover140.85-45,507.69-373.42-348.63-91.23250.69385.29
Efficiency & per share
Fixed asset turnover1.570.850.921.100.751.101.16
Inventory turnover29.6725.7027.1224.939.6710.637.94
Debtors turnover97.3572.8578.7443.8911.2410.4911.73
EPS (₹)(6.96)(25.43)45.680.000.000.00(6.72)
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)(163.10)(156.34)(130.51)(175.60)(105.53)(28.42)(13.26)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue60.7564.8550.6061.7259.5481.2075.3564.40
Revenue growth (YoY)+2.0%-20.1%-32.9%-4.2%-7.0%---
Other income3181.472.241.723.748.533.169.36
Total expenses62.0563.1750.4950.9657.8783.1648.6768.20
EBITDA(1.30)1.680.1110.761.67(1.96)26.68(3.80)
EBITDA margin-2.1%+2.6%+0.2%+17.4%+2.8%-2.4%+35.4%-5.9%
Depreciation1.721.701.751.751.522.132.202.33
Interest3.520.570.454.273.693.453.592.60
Profit before tax3110.880.156.460.200.9924.050.63
Tax0.000.000.000.000.000.000.000.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue237285371619930510561
Revenue growth-16.9%-23.1%-40.1%-33.4%+82.4%-9.1%-
Other income9.1726.0928.971033.082.60178
Total expenses222273413655870495561
Employee cost16.2525.3238.2845.1857.1938.7045.15
EBITDA14.2211.92(41.89)(36.26)59.2114.39(0.41)
EBITDA margin+6.0%+4.2%-11.3%-5.9%+6.4%+2.8%-0.1%
Depreciation6.728.9810.4812.1913.6514.5415.64
Interest8.9914.103.3653.4164.1959.1559.71
Profit before tax7.6814.93(26.76)1.49(15.55)(56.70)102
Tax0.000.000.000.000.000.000.00
Net profit1.450.08(43.64)(95.62)(15.89)(56.69)(72.52)
Net profit margin+0.6%+0.0%-11.8%-15.5%-1.7%-11.1%-12.9%
EPS (₹)0.160.33(9.81)0.67(6.98)(25.43)45.66
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital48.3045.8927.2922.2922.2922.2922.29
Reserves & surplus(253)(289)(396)(385)(386)(370)(313)
Shareholders' funds (net worth)(197)(227)(361)(362)(364)(348)(291)
Secured loans54.9749.5074.26444523518484
Unsecured loans0.150.151.933.175.595.595.84
Total debt55.1249.6576.19447529523490
Total liabilities17514851.8087.83168178202
Assets
Gross block266357386583588598599
Net block95.31114130159170182195
Capital work in progress0.002.620.000.000.000.000.00
Investments0.010.010.010.010.010.230.23
Inventories78.5643.7616.8115.9343.7518.9220.77
Sundry debtors3.384.220.040.1910.808.305.70
Cash & bank balances0.280.441.110.440.150.090.14
Loans & advances48.2744.5765.6151.8341.2525.4824.60
Total current assets13092.9983.5768.3995.9552.7951.21
Total current liabilities109128224204158128111
Net working capital21.91(34.73)(140)(135)(62.30)(75.23)(59.68)
Total assets17514851.8087.83168178202
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.441.110.440.150.090.140.27
Net cash from operating activities(30.34)(98.28)(13.78)40.3061.4624.0313.45
Net cash from investing activities20.1930.6426.29(0.65)(0.65)(1.22)0.37
Net cash from financing activities10.0066.96(11.83)(39.36)(60.76)(22.86)(13.95)
Net change in cash(0.15)(0.67)0.670.290.06(0.05)(0.13)
Closing cash0.280.441.110.440.150.090.14
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-16.9%-23.1%-40.1%-33.4%+82.4%-9.1%-
EBITDA growth+19.3%+128.5%-15.5%-161.2%+311.5%+3609.8%-
PBT growth-48.6%+9998.0%-+9998.0%+72.6%-+9998.0%
Net income growth+1712.5%+100.2%+54.4%-501.8%+72.0%+21.8%-
Revenue CAGR (3Y)-27.4%-32.6%-10.1%+3.3%+4.7%-6.4%-13.3%
EBITDA CAGR (3Y)--41.4%-+345.5%+306.7%--
Profitability & leverage
Net income margin+3.2%+5.2%-7.2%+0.2%-1.7%-11.1%+18.2%
Return on capital employed+1.4%+3.7%0.0%-10.4%0.0%0.0%-3.4%
Return on net worth+0.4%-0.8%0.0%+114.5%0.0%0.0%+74.7%
Debt / equity0.000.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover119.87479.59-6.42-110.24140.89-39,433.33-372.02
Efficiency & per share
Fixed asset turnover0.760.770.761.061.570.850.92
Inventory turnover3.879.4122.6520.7329.6725.6927.11
Debtors turnover62.29133.793,224.00112.5997.3472.8278.71
EPS (₹)0.160.33(9.81)0.67(6.98)(25.43)45.66
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)(4.25)(5.29)(135.26)(162.53)(163.10)(156.18)(130.38)

Timeline of Oswal Group

4 dated milestones of Oswal Group across 22 years, from founding to its latest funding, stage changes and deals.

  1. IPO Lists on the stock exchange (IPO).
  2. Founded Oswal Group is founded.
  3. Funding First funding round of $213K.
  4. Funding Latest funding round, Series A, of $2.4M.

Competitors of Oswal Group

Oswal Group has 3 listed competitors in our database, 2 of them funded. They include Gokaldas Exports, Eastman Exports and Shahi.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
Gokaldas Exports
gokaldasexports.com1979Bengaluru, India7,111
Apparel and clothing are manufactured and exported on contract.
Eastman Exports
eastmanexports.com2003Tiruppur, India$57.97M4,956
Apparel products are manufactured under contract in India.
Shahi
shahi.co.in1974Faridabad, India$18.61M27,538
Garments are contract-manufactured by Shahi in apparel production.
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Detailed competitors of Oswal Group

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Web traffic of Oswal Group

The website of Oswal Group (oswalgroup.com) receives about 4K visits a month.

  • Monthly visits
    4K

    ▲ 2% vs previous month

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Top companies in Contract & Outsourced Manufacturing

3 companies that operate in the same segment as Oswal Group (Contract & Outsourced Manufacturing) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Craftsman Automation
Industrial components, mould bases, and storage solutions are manufactured globally.
1986Coimbatore, Tamil Nadu, IndiaUSD 28 MUSD 853.09 M43
KRYFS
Single- and three-phase transformers are manufactured in Mumbai.
1993Mumbai, Maharashtra, IndiaUSD 114.37 M618
Gokaldas Exports
Apparel and clothing are manufactured and exported on contract.
1979Bengaluru, Karnataka, IndiaUSD 400 M40,280
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Frequently Asked Questions about Oswal Group

Oswal Group was founded in 2003 and raised its 1st funding round 4 years after it was founded.

Oswal Group is headquartered in Ludhiana, India. It is registered at Ludhiana, Punjab, India.

Oswal Group is a funded company, having raised a total of $5.77M across 3 funding rounds to date. The company's 1st funding round was a Seed of $213.29K, raised on Mar 2007.

Oswal Group has 639 employees.

The primary company behind Oswal Group, Vardhman Polytex Ltd, reported revenue of ₹246 Cr for FY 2026, down 17% year on year.

The Oswal Group was founded in 2003 and is located in Ludhiana, India. Contract-based manufacturing of garments is handled within the apparel sector. Operations involve production for client specifications, including fabric processing and assembly. Services are provided to domestic and international partners, with emphasis on standard garment lines. The company operates from its base in northern India, supporting supply chain needs in the textile industry.

Oswal Group's top competitors include Gokaldas Exports, Shahi and Eastman Exports.

Oswal Group offers Textile Manufacturing, Real Estate Development, and Apparel Retail.

Yes, Oswal Group is publicly traded on NSE under the ticker symbol VARDMNPOLY.

Oswal Group operates through Vardhman Polytex Ltd.

The legal entities of Oswal Group currently have 8 directors, including Suresh Kumar Banka, Ajay Kumar Ratra, Manju Oswal and others.

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